Wednesday, September 20, 2017

Wednesday roundup (09-20-2017)

America’s $20 trillion in debt doesn’t seem so alarming after looking at this [global] map: Compared to GDP, debt isn’t so bad [map shows Japan, Italy, Canada, Spain, Belgium, Greece, Ireland, and Portugal in worse condition relative to GDP] (Marketwatch)

DEUTSCHE BANK: Italy's 3 big problems could trigger the next financial crisis — and bring the euro down with it (The Business Insider)

BOJ set to keep monetary spigot open, political risk looms (Reuters)

More than 230 dead in Mexico quake as rescue teams desperately try to free trapped children (ABCNews)

Puerto Rico in dark, curfew set after island 'destroyed' by Hurricane Maria, officials say (ABCNews) Puerto Rico: Hurricane Maria hammers an economy that can't take much more (CNNMoney)

[In the United States,] HUD Secretary Ben Carson [says]: Recovery from hurricanes Harvey and Irma is 'going to take years' (USAToday)

Fed keeps U.S. rates steady, to start portfolio drawdown in October (Reuters) Fed signals interest rates will keep going higher as it exits financial crisis policy (CNBC) Fed will finally wind down historic rescue program (CNNMoney)

Senators really could vote to repeal Obamacare in the next 11 days (Vox) These groups are not happy with the latest Obamacare repeal effort (CNNMoney) Insurers Come Out Swinging Against New Republican Health Care Bill (The New York Times) GOP Health Bill Would End Guarantee That Sick People Won’t Pay More (Bloomberg) Last-Ditch Effort By Republicans to Replace ACA: What You Need to Know: Here are five things to know about the latest GOP bill. [Kaiser Health News via] (Moyers & Company) Repeal first, ask questions later (Axios) Kimmel, not Cassidy, is right on health care, analysts say (Politico)

California sues to block Trump's border wall (Politico) The Wall: A 2,000-mile search for answers (USAToday)

Manafort offered to give Russian billionaire ‘private briefings’ on 2016 campaign (The Washington Post) [Trump's former campaign manager Cory] Lewandowski: Manafort should go to jail for the rest of his life if he colluded (The Hill) Who is Oleg Deripaska? Paul Manafort Allegedly Worked With Russian Magnate to Advance Putin's Interests [March 22] (Newsweek) Russian Once Tied to Trump Aide Seeks Immunity to Cooperate With Congress [May 26] (The New York Times)

Mueller is focused on Trump's actions as president, according to reports (CNBC) Mueller casts broad net in requesting extensive records from Trump White House (The Washington Post) Mueller Seeks White House Documents Related to Trump’s Actions as President (The New York Times)

The Worst 1st Year of Foreign Policy Ever: Most presidents struggle in their first year as commander in chief. But Donald Trump got tired of winning before he started. (Foreign Policy)

Price’s private-jet travel breaks precedent: HHS secretary took chartered aircraft on five flights last week, while his predecessors would fly commercial. (Politico)




Illinois' unpaid bill backlog hits a record $16 billion (Reuters)

New European steel giant expects to cut 4,000 jobs (CNNMoney)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, September 19, 2017

Tuesday roundup (09-19-2017)

5 facts about government debt around the world (Pew Research Center)

Deutsche Bank: Italy 'is a crisis waiting to happen’ Germans send Rome shock threat: ITALY is on the brink of triggering the “next financial crisis” as the weakest link in Europe in a move that threatens to bring the eurozone down, strategists from a top German bank have warned. (The Express)

Central banks must watch for risks as rates rise: BoE's Kohn (Reuters)

Powerful Earthquake Shakes Mexico City, Collapses Buildings, Kills Dozens (NBCNews)

Hurricane Maria Does ‘Mind Boggling’ Damage to Dominica, Leader Says (The New York Times) Hurricane Maria, a catastrophic Category 5 storm, is on track to slam Puerto Rico and the Virgin Islands (The Business Insider)

At U.N., Trump's 'me first' doctrine abandons Truman's postwar 'security for all' by Max Boot (USAToday) These Trump phrases from the UN speech matter most (CNN) Five takeaways from Trump’s UN speech (The Hill)




Backlash throws last-ditch Obamacare repeal effort into doubt: Opponents of the proposal seized on its plan to overhaul Obamacare’s subsidized insurance and Medicaid expansion and replace those with block grants. (Politico) New health-care plan stumbles under opposition from governors (The Washington Post)

Report: Mueller warned Manafort to expect an indictment (The Hill) Mueller team's focus on Manafort spans 11 years (CNN)

Facebook handed Russia-linked ads over to Mueller under search warrant (CNN) Robert Mueller and Facebook: Why the Special Counsel’s Warrant Is a Turning Point in the Trump-Russia Probe (Newsweek)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, September 18, 2017

Monday roundup (09-18-2017)

Global debt may be understated by $13 trillion: BIS (Reuters)

Greece must complete most pending bailout reforms by November: PM (Reuters)

Britain's debt time​bomb: FCA urges action over £200bn crisis: Watchdog’s chief executive says he has seen problem at first hand, as new figures show rising levels of debt (The Guardian) UK debt is explosive – and it only needs a spark to light the fuse: The Bank of England is right to warn over consumer borrowing – even if the central bank itself has been partly responsible (The Guardian)

The Record Surge In Our National Debt Is An Urgent Wake-Up Call For American Families by Gov. John Kasich (Forbes)

Senate Votes to Buy More Military Planes Than Pentagon Requested: Annual Pentagon policy bill would authorize $700 Billion (Bloomberg)

New GOP ObamaCare repeal bill gains momentum (The Hill) Republicans Demand Another Vote to Repeal the Affordable Care Act (The New York Times) Could Congress repeal Obamacare in the next two weeks? (The Washington Post)

US government wiretapped former Trump campaign chairman (CNN)

Donald Trump's unpresidential presidency keeps hitting new lows (CNN)

Establishment gears up for Steve Bannon’s war on the GOP leadership (The Washington Post)

Obama Goes From White House to Wall Street in Less Than One Year (Bloomberg)

'Extremely dangerous' Hurricane Maria heading for Dominica, Puerto Rico (CNN)

Toys R Us could file for bankruptcy as soon as this week, sources say (CNBC)

TD Ameritrade closes on purchase of Scottrade, up to 1,000 job cuts planned (The St. Louis Post-Dispatch)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Sunday, September 17, 2017

Sunday roundup (09-17-2017)

Growing risk of [global] 'debt trap' if interest rates stay low, say central bankers: Near-zero rates have spurred borrowing and left consumers, businesses and governments at risk, says Basel institution (The Guardian)

BIS discovers $14 trillion of dollar debt offshore, hidden in 'footnotes' by Ambrose Evans-Pritchard [most of article hidden behind paywall] (The Telegraph)

RTs = endorsements? Trump’s retweets of outlandish memes a signal to his base (The Washington Post)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, September 16, 2017

Saturday roundup (09-16-2017)

Global debt is around 3 times the size of the world economy — and it shows no sign of slowing down by John Maudlin (The Business Insider)

[In the United States,] Trump Sets Aside UN Distrust to Seek Allies on North Korea, Iran (Bloomberg)

With little to lose, Democrats cautiously share the driver’s seat with Trump (The Washington Post) Left warns Pelosi, Schumer: Don’t get too close to Trump: Liberals worry about the consequences of cutting deals with a divisive, mercurial president. (Politico)

We applaud President Trump for his DACA deal with Democrats [Editorial] (The Deseret News)

Trump’s ‘fake news’ attack lost its power this week (The Washington Post)

With Cost-Cutting Zeal, Tillerson Whittles U.N. Delegation, Too (The New York Times)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Friday, September 15, 2017

Friday roundup (09-15-2017)

After new North Korea missile test, U.S. says has military options (Reuters)

Trump Angers British as He Uses London Attack to Promote His Hard-Line Policies (The New York Times) Theresa May rebukes Donald Trump over tube bombing tweets: PM says US president’s speculation that Parsons Green attack perpetrators were known to Metropolitan police is unhelpful (The Guardian)

Hurricane Harvey slams U.S. retail sales, industrial output (Reuters)

Trump’s top supporters are in a full-blown panic. They’re right to be afraid. (The Washington Post blogs) GOP feels betrayed by Trump’s dealmaking with Dems: The president’s immigration talks with Chuck Schumer and Nancy Pelosi have exacerbated Republican frustration with the White House. (Politico) Hannity: GOP leaders have pushed Trump into arms of Schumer, Pelosi (The Hill blogs) President Donald Trump Considers New Compromises: The president experiments with different tactics as he tries to break the stalemate on key issues. (US News & World Report) 35 thoughts on Trump 'winging it' with Democrats (The Hill)

Trump's new world (Axios) The Loneliest President: He’s increasingly isolated in the White House, but for Donald Trump, being alone is not a liability. It’s where he’s most comfortable. (Politico)

Ex-WH ethics chief: Trump has created environment of ‘serial ethics problems’ (The Hill blogs)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Thursday, September 14, 2017

Thursday roundup (09-14-2017)

Bank of England set to raise interest rates 'over coming months' to curb inflation: Despite keeping rates on hold at 0.25 per cent, the Monetary Policy Committee signalled it was gearing up for a rate increase, possibly later this year (The Independent)

[In the United States,] Trump Confirms Support for Law to Protect ‘Dreamers’ (The New York Times) Trump’s latest tweetstorm signals major concessions may lie ahead (The Washington Post blogs) Trump, Pelosi and Schumer: Bipartisanship is back at the White House (USAToday)




Trump Humiliated Jeff Sessions After Mueller Appointment (The New York Times)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Is it a recovery yet? (Weekly report, 09-14-17)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to Linda Duessel, market strategist at Federated Investors in Pittsburgh. (Reuters)

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims in the period running from Sept. 3 to Sept. 10 slipped to 284,000 from 298,000, the Labor Department said Thursday." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Wednesday, September 13, 2017

Wednesday roundup (09-13-2017)

Bank of England 'will take action' if banks' Brexit moves pose risks (CityAM)

Americans' Borrowing Hits Another Record. Time To Worry? (National Public Radio)

Here's how much money Americans have in their savings accounts (CNBC)

Hurricanes Harvey and Irma may have caused up to $200 billion in damage, comparable to Katrina (ABCNews) Harvey’s hit to mortgages could be four times worse than predicted—and then there’s Irma (CNBC) Hurricane victims facing a long road to home reconstruction (ABCNews)

Pelosi, Schumer Strike Another Agreement With Trump, This Time On DACA (The Associated Press) Schumer, Pelosi say DACA deal will exclude wall after dinner with Trump [on Wednesday] (Washington Examiner) Trump Woos [Other] Democrats on Tax Overhaul at White House Dinner [on Tuesday] (Bloomberg)




WH: Trump 'looks forward' to signing resolution condemning white supremacists (CNN)

Mueller haunts the West Wing (Axios) Trump's closed-door rants on Comey and Mueller (Axios)

Trump FEMA Nominee Withdraws After NBC Questions on Falsified Records (NBCNews)

When Trump Slams the Media, It's an Act of Love: I've been wooed by him and sued by him, so I should know. (Bloomberg)

House votes to curb asset seizures (The Hill blogs)

Oracle slashed more than 1,000 jobs earlier this month, reports suggest: The company has not issued an official statement so far. (International Business Times)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, September 12, 2017

Tuesday roundup (09-12-2017)

EUROZONE WARNING: Italy's opposition call for NEW currency sparking EU concerns: ITALIAN opposition parties are calling for a parallel currency to run alongside the euro which they say will boost growth and jobs in the cash-strapped country. (The Express)

The U.S. debt bubble will soon warrant drastic measures: Be prepared for the imposition of a value-added tax by John Mauldin (Marketwatch)

Trump Will Work With Either Democrats or Republicans to Achieve Tax Overhaul (The New York Times) Trump Plans Aggressive Road Show to Sell Tax Overhaul (Bloomberg)

GOP leaders made a huge wager — and they’re losing (The Washington Post)

Rex Tillerson has lost his primary reason for being the secretary of state (The Washington Post)

Trump Inc: Inside the president’s not-so-blind trust: Trump’s run for president likely started as a marketing pitch. The problem is, he won (Salon) Trump promised not to work with foreign entities. His company just did (McClatchy Washington Bureau)

Alexion Pharma to lay off 20 percent of workforce [about 600?] (Reuters)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, September 11, 2017

Monday roundup (09-11-2017)

Americans headed towards $1 trillion in credit card debt, study says (FoxBusiness)

More than 12 million without power in Florida as Hurricane Irma’s effects linger (The Washington Post) More Than 10 Million People Lost Power in Florida: Thanks to Hurricane Irma, the southwest of the state’s electrical grid will need a “wholesale rebuild.” (The Atlantic) Restoring power to Florida will take 'weeks, not days' in some areas (CNBC)

Here’s Why Florida Is so Much More Vulnerable to a Hurricane Like Irma Right Now: It’s not just location. (Mother Jones)

GOP senators push back against Bannon's effort to dislodge incumbents (Politico)




     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Sunday, September 10, 2017

Sunday roundup (09-10-2017)

Greek PM urges IMF to decide on bailout participation by end of year (Reuters)

[In the United States,] Hurricane Irma will hammer insurance industry — up to $65 billion in damage is projected (CNBC) Irma recovery could require 11M meals, 24,000 tarps and more (The Associated Press)

Trump approves Puerto Rico disaster declaration (The Hill)

Bannon declares war with Republican leadership in Congress (The Washington Post) Breitbart's Bannon declares war on the GOP: Steve Bannon, Trump’s ex-chief strategist, tells 60 Minutes why he’s out at the White House and criticizes the GOP for not supporting the president. “They're gonna be held accountable,” he says (CBSNews 60 Minutes)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, September 9, 2017

Saturday roundup (09-09-2017)

This is how much credit card debt the average American holds [= $16,000+] (FoxBusiness)

Trump puts the GOP on notice (The Hill) ‘Trump betrays everyone’: The president has a long record as an unpredictable ally (The Washington Post)

GOP struggles to control its own agenda: The next six months are full of hazards for Republicans — largely created by Trump. (Politico)

New Russian envoy describes 'warm' meeting with Trump: agencies (Reuters)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Friday, September 8, 2017

Friday roundup (09-08-2017)

Mexico Earthquake, Strongest in a Century, Kills Dozens (The New York Times)

Hurricane Irma [heads for the United States]: 5.6 million residents asked to evacuate Florida (CBSNews)

Koch Brothers Will Push Congress to Protect DREAMers: The influential conservative donors want a fix to the DACA program that Donald Trump just axed. (The Daily Beast)

The Russia probe is closing in on a circle of key Trump aides (The Business Insider) Mueller’s team to soon interview West Wing officials in Russia probe: Investigators have not yet made a request to question the president. (Politico)

House Republicans Fume At Trump Administration In Private Meeting (National Public Radio) The White House tried to calm furious House Republicans. It didn't go well. (CNN)

Gingrich or Santorum [who are not members of the House of Representatives] as speaker? House conservatives plot mischief for the fall. (The Washington Post)

What is wrong with this picture of the GOP? (The Washington Post blogs)

Target just announced discounts on 'thousands of items' [= deflationary pressure?] (The Business Insider)

Hartford Warns It Could File for Bankruptcy (Dow Jones Newswires)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Thursday, September 7, 2017

Thursday roundup (09-07-2017)

ECB holds interest rates steady, says it's ready to increase stimulus if necessary (CNBC) European Central Bank Signals End of Cheap Money Era is Coming (The New York Times)

[United States Is Monitoring Three New Hurricanes, While Assessing Damage From A Fourth]: Images of Recovery After Hurricane Harvey in Texas (NBCNews) Harvey flooded 13 of the US’s most-toxic waste sites and the EPA says 11 are still inaccessible (Quartz) Hurricane Irma leaves 'unprecedented' destruction in the Caribbean, kills at least 13 (ABCNews) Hurricane Jose has officially become a major Category 3 storm with 120-mph winds (The Business Insider) Hurricane Katia, the 6th hurricane of an unusually active season, could hit Mexico in the coming days (The Business Insider)

Firefighters Struggle to Contain Explosion of Wildfires Across West: Thousands of firefighters are struggling to fight 80 large wildfires torching 2,200 square miles across nine western states. [Sept. 6] (NBC Nightly News)



Trump to host full Cabinet at Camp David [this coming weekend] (CNN)

Trump stabs the GOP in the back (The Washington Post blogs) GOP livid after Trump cuts deal with Democrats: Congressional Republicans say the move will only embolden Chuck Schumer and Nancy Pelosi in future talks. (Politico)

How Democrats Rolled Trump on the Debt Ceiling (The New Yorker) Democrats have Trump and the GOP where they want them: Lawrence O'Donnell explains that President Donald Trump's weak negotiating skills allowed Democrats an opening that could affect his agenda and allow Democrats future legislative wins. (MSNBC) (Youtube)

Trump suggested scrapping future debt ceiling votes to congressional leaders (Politico) Trump, Schumer agree to pursue plan to repeal the debt ceiling (The Washington Post) Trump Reaches Out to Make More Deals With Congressional Democrats (The New York Times) Upbeat Trump raves to Schumer, Pelosi about news coverage of their deal: The president called the Democratic leaders after striking a budget deal that Republicans hate. (Politico)

Powerful House Republican group [= Republican Study Committee] opposes Trump debt ceiling deal (Axios) [Meanwhile] Freedom Caucus Members Frustrated With GOP Leaders on Agenda (Bloomberg)

States file lawsuit challenging Trump decision on Dreamers (Reuters) Microsoft President To Trump: To Deport A DREAMer, You'll Have To Go Through Us (National Public Radio) I came to this country 41 years ago. Now I feel like I don’t belong here. by Max Boot (The Washington Post)

Appeals court rules against Trump administration on travel ban (CBSNews)

If You Think Trump’s Summer Was a Bummer, Wait ’Til Fall Starts: The five factors that are going to combine this fall to create a perfect storm that will drive Trump crazy and bring our nation to the brink of peril. by Republican Strategist Rick Wilson (The Daily Beast)

Trump’s Sanctions Make Economic Recovery in Venezuela Nearly Impossible: The new financial embargo will worsen shortages, inflict suffering, and restrict Venezuela’s policy options. (The Nation)

Where’s Rex?: U.N. Ambassador Nikki Haley steps in as America’s de facto diplomat-in-chief. (Foreign Policy)

Drugmaker Eli Lilly Will Cut 3,500 Jobs (Bloomberg)

Nike says it will lay off 745 in Oregon by month's end (The Oregonian)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Is it a recovery yet? (Weekly report, 09-07-17)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to Linda Duessel, market strategist at Federated Investors in Pittsburgh. (Reuters)

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims in the period running from Aug. 27 to Sept. 2 surged by 62,000 to 298,000, reaching the highest level since spring 2015, the government said Thursday." (Marketwatch)

U.S. Jobless Claims Soar by Most Since 2012 on Hurricane Harvey (Bloomberg)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Wednesday, September 6, 2017

Wednesday roundup (09-06-2017)

[In the United States,] Trump sides with Democrats in debt limit, funding, Harvey deal: The agreement sets up a brutal year-end fiscal cliff. (Politico) In Deal With Democrats, Trump Makes a Sudden Turn (The New York Times) Trump pulls off a stone-cold stunner (The Hill) Trump's Early Christmas Gift to Democrats: In a surprise blow to GOP leaders, the president strikes a short-term fiscal deal with Nancy Pelosi and Chuck Schumer, handing them leverage ahead of the next round of negotiations in December. (The Atlantic) Trump's Art of the Deal? Not so much (Axios) Trump's Deal with Democrats Is a Warning to Republicans - Establishment and Conservative Alike (Breitbart)

The pillars of Trump’s nationalism are weakening (The Washington Post)

Fischer to Step Down in Mid-October as Fed Vacancies Mount (Bloomberg) Here’s How Trump Can Reshape the Fed (Bloomberg)

Bipartisan swath of lawmakers files Supreme Court briefs against gerrymandering (Politico)

Trump gets millions from golf members. CEOs and lobbyists get access to president (USAToday)

Kentucky Public Employee Retirements Surge As Fears Of Pension Collapse Mount (ZeroHedge blog)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Tuesday, September 5, 2017

Tuesday roundup (09-05-2017)

The world is becoming desperate about deflation: If the outlook was bright, interest rates would not be where they are today (Marketwatch)

Why The ECB Will Keeping Buying Bonds For As Long As It Takes (ValueWalk)

U.S. won't regain Aaa-rating after any default: Moody's (Reuters)

Brainard's warning signals Fed cautious on inflation (Reuters)

Trump's DACA decision triggers anguish, political firestorm ["No one is happy with this outcome -- including the President"] (CNN) Trump ends DACA but gives Congress window to save it (CNN) With DACA, Jeff Sessions bent Trump to his will — again (The Washington Post)

Ending DACA could cost the economy up to $200 billion, CATO expert says (CNBC) The Economic and Fiscal Impact of Repealing DACA [Jan. 18] (The Cato Institute blogs)

Why these 8 CEOs are standing up for 'Dreamers' (CNBC) Trump again shows he's not pro-business like he says (CNNMoney) U.S. Chamber of Commerce, Other Groups Urge Congress To Act After Trump Pulls The Plug On DACA (The Daily Caller) Hispanic Chamber CEO resigns from Trump's diversity council over DACA decision (USAToday)

That Time Donald Trump Had A Meeting With DREAMers And Said “You Convinced Me” On Immigration: Two years ago, Trump met with immigration activists who told them their stories and asked for his support on immigration. "You convinced me," Trump said as the meeting ended. [Aug. 26, 2015] (BuzzFeed) Dick Durbin: Trump 'Looked Me In The Eye,' Said 'Don't Worry About Those (DREAMer) Kids' (Crooks and Liars blog)



Trump’s punt to Congress on DACA threatens new GOP rift: A growing number of Republican lawmakers are softening toward Dreamers, but others say Trump can’t end the program fast enough. (Politico) Trump seeks DACA bailout from Congress (ABCNews) Trump just put the GOP Congress in an even tougher spot with his DACA decision (CNBC) CEOs call on Congress to keep DACA alive (CNNMoney)




Congress has a crucial to-do list in September: Here's what lawmakers must accomplish (USAToday) How a debt ceiling nightmare scenario could unfold (Yahoo! Finance)

Florida officials begin ordering evacuations as Hurricane Irma intensifies to a Category 5 storm (The Washington Post) Disasters Declared, Evacuations Ordered in Florida as 'Potentially Catastrophic' Hurricane Irma Approaches (Weather)




Sheriff Clarke Was In Talks for a Trump White House Job—Then John Kelly Killed It: Turns out that allowing people to die in your jail and comparing Black Lives Matter to ISIS is a bridge too far for some in this administration. (The Daily Beast)

Key Trump Aide’s Departure Rattles President’s Allies (Bloomberg) Trump's bodyguard becomes his long lost pal (Axios)

Book by Hillary Clinton spiritual adviser pulled from shelves after more plagiarism discovered (The Washington Examiner)

Lego to axe 1,400 jobs: Danish toy company announces extensive staff cuts after the first fall in global sales for more than a decade (The Guardian)

Oracle slashes at least 900 Santa Clara jobs, more worldwide (The San Jose Mercury News)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Monday, September 4, 2017

Monday roundup (09-04-2017)

Trump's options on North Korea going from bad to worse (The Associated Press)

Trump has decided to end DACA, with 6-month delay: Senior White House aides met Sunday afternoon to discuss how to roll out the controversial move affecting hundreds of thousands of Dreamers. (Politico) Trump Seriously Considering Ending DACA, With 6-Month Delay (The New York Times) Trump Reportedly Could End DACA On Tuesday But There Are Still Unanswered Questions: Since the Deferred Action for Childhood Arrivals program began in 2012, the federal government has provided temporary protection against deportation for more than 700,000 undocumented immigrants who came to the United States as children. Attorney General Jeff Sessions will hold a briefing on the program on Tuesday. (BuzzFeed) Obama to speak out if Trump ends DACA (Politico)

Trump's expected repeal of Dreamer programme draws fire from business [Aug. 31] (Reuters) Republicans crank up pressure on Trump to not scrap DACA: The White House says an announcement on Trump's decision will be made on Tuesday. [Sept. 1] (Politico) Republican Party Autopsy Author Goes Off On GOP As Trump’s DACA Decision Nears: “Those in Republican leadership who have enabled his behavior by standing silent or making excuses for him deserve the reckoning that will eventually come for the GOP,” Sally Bradshaw, a longtime adviser to Jeb Bush, told BuzzFeed News. (BuzzFeed)

DACA has nothing to do with heart, everything to do with rule of law [Sept. 1] (The Hill blogs) [versus] Deferred Action for Childhood Arrivals [Sept. 2] (Armstrong Economics blog)

Angus Council [in the UK] to cut 800 jobs over three years (The BBC)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Sunday, September 3, 2017

Sunday roundup (09-03-2017)

[In the United States,] Mattis warns of 'massive military response' to NK nuclear threat (CNN) North Korea Says It Tested a Hydrogen Bomb Meant for Missiles (The New York Times)

Mueller Has Early Draft of Trump Letter [composed with the help of Stephen Miller] Giving Reasons for Firing Comey [Sept. 1] (The New York Times) Stephen Miller Is the Enemy of My Dreams (The New York Times) Stephen Miller, meet your immigrant great-grandfather (Jewish Journal) Trump asked to fire Steve Bannon, Stephen Miller, Sebastian Gorka [Aug. 15] (The Washington Examiner)










Read the Inauguration Day letter Obama left for Trump (CNN)

Why Secretary of State Rex Tillerson should resign: He’s been a unmitigated disaster at every facet of his job. (The Washington Post)

Why a Republican Pollster Is Losing Faith in Her Party: “If I pack up my toys and go home, there are people in red MAGA hats who would be saying, ‘Don’t let the door hit you on your way out.’” (The Atlantic)

Is Big Tech Breaking Up With the Left?: Google's reported involvement in New America's decision to end an antimonopoly program points to a larger schism in the Democratic Party. (The New Republic)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Saturday, September 2, 2017

Saturday roundup (09-02-2017)

Poland education reform to slash thousands of teachers' jobs: Education reform under Poland’s national-conservative government is set to cause the closure of 7,000 schools and the dismissal of 9,000 teachers. The new curricula will mainly focus on domestic issues. (DeutscheWelle)

Trump team is becoming ‘more realistic and sensible,’ says EU boss (CNBC)

[In the United States,] President Trump meets victims of Hurricane Harvey in Texas: 'There's a lot of love' (FoxNews) Trump goes hands-on in return to storm-ravaged Gulf Coast (The Hill) Trump meets with Harvey survivors in Houston: ‘We’re very happy with the way everything is going’ (The Washington Post)

White House rejiggers Harvey request as dollars dwindle: Trump seeks $7.85 billion for initial Harvey efforts, nearly $2 billion more than expected. (Politico) Harvey is likely to be the second-most costly natural disaster in U.S. history (The Los Angeles Times)

Storm deaths: Death toll from Harvey tops 50 (The Houston Chronicle)

Harvey aftermath hits a third of US oil refineries: Damage to US energy infrastructure sends price of petrol sharply higher (The Financial Times)

Harvey Wasn’t Just Bad Weather. It Was Bad City Planning: Houston exulted in sprawling, hands-off growth. That’s no way to prepare for natural catastrophes. (Bloomberg)

How Washington lobbyists fought flood insurance reform: They have already maneuvered to slow lawmakers' efforts to overhaul the National Flood Insurance Program and protect their industries’ profits. (Politico)

Forceful Chief of Staff Grates on Trump, and the Feeling Is Mutual (The New York Times) 5 changes John Kelly has made in the White House (The Hill)

John Kelly Pushing Out Omarosa for ‘Triggering’ Trump: The new chief of staff is trying to cure the chaos that infected the West Wing. And Omarosa is ‘Patient Zero’ for unfettered access to the Boss. (The Daily Beast)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Friday, September 1, 2017

Friday roundup (09-01-2017)

Italy can't cut its MASSIVE debts unless deficit shrinks, warns Brussels chief: ROME must slash its budget deficit to have any hope of cutting down Italy's staggering debt levels, EU commissioner Pierre Moscovici has warned. (The Express)

Financial firms fear turmoil over fraught U.S. debt ceiling talks (Reuters)

Trump reportedly backs off government shutdown threat over border wall funding (CNBC)

Harvey: Thousands await rescue as estimated 30,000 to 40,000 homes destroyed in Houston area (ABCNews)

The disaster in Crosby is purely man-made.: As a chemical plant burns, Texans remain in the dark about toxic threats. (The Houston Chronicle) Watch dramatic video of a fire blazing at a chemical plant damaged by Harvey in Texas (CNBC)

During a summer of crisis, Trump chafes against criticism and new controls (The Washington Post) [versus] Trump tweets support of Kelly amid reports of frustration with officials (The Hill)

Mueller Enlists the IRS for His Trump-Russia Investigation: Will the accountants take down key members of Team Trump? Or force the president’s tax returns into the open? (The Daily Beast)

Trump not rushing to find a permanent head for DHS: A month after John Kelly moved to the White House, the president hasn’t interviewed any candidates. (Politico)

McCain Slams “Poorly Informed” Trump in Scathing Op-Ed: “We are not his subordinates. We don’t answer to him. We answer to the American people.” (VanityFair) John McCain: It’s time Congress returns to regular order (The Washington Post)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Thursday, August 31, 2017

Thursday roundup (08-31-2017)

Shutdown and default threaten U.S. safe-haven status: James Saft (Reuters)

Trump to propose initial $5.9 billion in Harvey aid (The Associated Press) Trump has pledged $1 million to Harvey relief, White House says (CNBC) The Looming Consequences of Breathing Mold: Flooding means health issues that unfold for years. (The Atlantic)

More fires expected after blast at Arkema's flooded Texas plant (Reuters) Texas Republicans Helped Chemical Plant That Exploded Lobby Against Safety Rules (International Business Times) The Chemical Plant Explosion in Texas Is Not an Accident. It's the Result of Specific Choices.: The perils of deregulation. (Esquire) Harvey reveals corporate hubris regarding safety (The Houston Chronicle) New Hazard in Storm Zone: Chemical Blasts and ‘Noxious’ Smoke (The New York Times)

How Harvey Will Change Texas: The storm’s most lasting legacy might be the end of the Lone Star State’s rugged individualism. (Politico)

Trump faces CEO, staff pressure on immigration plan (Axios)

Trump administration orders three Russian diplomatic facilities in U.S. closed (The Washington Post)

Robert Mueller Eliminates Trump’s Trump Card (New York) Mueller teams up with New York attorney general in Manafort probe: The cooperation is the latest sign that the investigation into Trump's former campaign chairman is intensifying. (Politico)

Trump Voters Growing Impatient With the President, Focus Group Reveals (The New York Times) Trump Voters 'Disappointed' In President: A focus group with Trump voters in Pittsburgh shows that some of his supporters are disappointed with the president. Pollster Peter Hart and NBC's Carrie Dann discuss. [VIDEO] (MSNBC)

This 'Trump's Voter Panel' Is Different - They're Actually Embarrassed (Crooks and Liars blog)



‘Abject Disappointment’: Pittsburgh Voters Skewer Trump’s Tone (NBCNews)





The incredible shrinking president (Axios)

How to Get Rich in Trump’s Washington: His presidency has changed the rules of influence in the nation’s capital — and spawned a new breed of lobbyist on K Street. (The New York Times Magazine)

Kushners’ China Deal Flop Was Part of Much Bigger Hunt for Cash (Bloomberg)

Wells Fargo Boosts Fake-Account Estimate 67% to 3.5 Million (Bloomberg)

Thyssenkrupp to cut up to 1,500 jobs at Industrial Solutions (Reuters)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Is it a recovery yet? (Weekly report, 08-31-17)

A recovery would be indicated by weekly initial jobless claims holding below 500,000, according to Linda Duessel, market strategist at Federated Investors in Pittsburgh. (Reuters)

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims in the period running from Aug. 20 to Aug. 26 rose by 1,000 to 236,000, the government said Thursday." (Marketwatch)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.

Wednesday, August 30, 2017

Wednesday roundup (08-30-2017)

Russia bailout stokes fears of a systemic banking crisis (CNBC)

Britain's borrowing binge slowing but consumer debt still far too high: As Citizens Advice sounds alarm over credit card borrowing, the latest figures show only that the rate of increase is slowing (The Independent)

Failure to raise debt ceiling [in the United States] would be 'more catastrophic' than Lehman collapse, S&P says (CNBC)

Trump pitches tax reform to 'bring back Main Street' (CNN) Trump's Tax Reform Plan Targets Middle-Class Tax Complexity (Forbes) Trump Tries to Make Tax Cuts for Rich People Sound Populist (New York) Corporate Tax Cuts Don’t Create Jobs, They Enrich CEOs: A new study provides galling examples of this trend. (The Nation)

Harvey aftermath: Death toll rises; so do the floodwaters (CNN) Houston’s ‘Wild West’ growth: How the city's development may have contributed to devastating flooding (The Washington Post) Trump relishes role as chief executive of Harvey response: The optics-obsessed president didn't go near the disaster area during his visit to Texas, but the visit gave him the visuals he wanted as he checked in on emergency responders and addressed a local crowd. (Politico)

Trump administration's mixed North Korea signals raise questions about US strategy (CNN) Mattis responds to Trump: US 'never out of diplomatic solutions' on North Korea (The Hill)

Trump's shrinking West Wing: After a summer of departures by senior officials, none have been replaced, with current staff taking on double roles while other jobs are eliminated altogether. (Politico)

Legal challenge to Arpaio pardon begins (The Washington Post blogs) Why Trump’s Arpaio Pardon Is a Nationwide Call to Political Arms (The New Yorker)

Most American Voters Believe President Trump Is 'Tearing the Country Apart' (Time) Fox News Poll: Voters' mood sours, 56 percent say Trump tearing country apart (FoxNews)

Trump deepens the moral damage to the GOP (The Washington Post)

Feinstein surprises SF crowd by expressing hope for Trump (SFGate)

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats exist today that could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. Key threats include excessive risk-taking by financial firms, unchecked by effective regulation; the continued existence of "too big to fail" institutions; and most especially, the amassing of levels of public and private debt which could become unsustainable.